One of Pakistan’s top banks, Faysal Bank, is under fire after a client claimed a security compromise that led to a large financial loss. Zeeshan Khan, a consumer, posted on social media that a hacker had transferred up to Rs5.4 lakhs from his account without getting an OTP. Even though the customer didn’t have the bank’s mobile application installed on his phone, the hacker was nevertheless able to transfer more money than the daily cap of $250,000. This shows how insecure the process was. By altering the settings and transferring funds, the hacker was able to stop the consumer from receiving an OTP.
Instead of making amends for the lost funds, the bank has replied by placing the responsibility on the user, claiming that they were to blame for the error. The scenario has raised concerns about the safety and security of bank customers’ funds.
This occurrence raises major questions regarding Faysal Bank’s level of security and whether it is sufficient to shield its clients from financial theft. Consumers put their trust in banks to protect their money, and these kinds of instances can significantly erode that confidence. In order to safeguard the financial assets of its clients, Faysal Bank must accept responsibility for the breach and make sure that adequate security measures are in place.
This emphasizes how crucial it is for customers to take their own security precautions carefully. Customers should become familiar with their bank’s security protocols and take all reasonable actions to safeguard their financial data. This entails keeping an eye on their accounts frequently and being wary of any unusual behavior.